Turn on, tune in and don’t drop out. The push to develop psychedelic drugs is gaining momentum, but not quite in the way the 1960s counter-culture figure Dr Timothy Leary intended.
The late Harvard psychologist strongly advocated the use of mind-bending drugs – notably lysergic acid diethylamide (LSD) – to expand creativity and engender a general sense of well-being.
Now, the advocates are all about using psychedelics – notably 3,4-methylene-dioxy-meth-amphetamine (MDMA) and psilocybin to treat difficult conditions such as post-traumatic stress disorder (PTSD), treatment-resistant depression (TRD), general anxiety, dementia, anorexia and alcohol and nicotine addiction.
Many readers will be aware – and we’re not passing judgment – that MDMA is the party drug ecstasy, better known as molly. Psilocybin is the active component of magic mushrooms, which have long been known to put the fun into fungi.
Other mind-bending substances of interest are LSD and the horse tranquilliser ketamine (also known as the party drug Special K).
As with cannabis, these drugs have a long history of medical experimentation. LSD was first isolated by Swiss chemist Dr Albert Hofmann in 1943, after which he experienced a vivid trip on his bicycle (in more ways than one) after accidently ingesting the drug.
MDMA was first synthesised by German pharma house Merck in 1912. Meanwhile, psilocybin has long been ingested by central and south American indigenous peoples, who discovered their evening mushroom stew had a bit more zing than usual.
In the 1960s psychedelic drugs became synonymous with swingers’ “key parties” and Vietnam war protests. Serious research came to a halt after US President and moral guardian Richard Milhous Nixon (Tricky Dicky – seeing as how we’re using a lot of colloquial expressions) declared a war on drugs – a battle that has lasted much longer than the Indochina one.
As with medical (and recreational) pot, attitudes are changing – albeit slowly.
According to advocacy group Mind Medicine Australia, more than 120 psychedelic trials have been carried out in the last decade.
Mind-blowing valuations
Overseas, psychedelic drug developers are commanding, er, mind-blowing valuations. Take the $US3.2 billion market worth of the German based, Nasdaq listed Atai Life Sciences which is targeting conditions including traumatic brain injury and schizophrenia.
The private, Oxford-based Beckley Psytech raised $US80 million in August and Chicago-based venture capital group Palo Santo in July gathered $US35 million to invest in a portfolio of psychedelic stocks.
Locally, four ASX cannabis stocks have turned (expanded?) their minds to the sector: Emyria, Creso Pharma, Incannex Healthcare and Little Green Pharma.
Backed by tech entrepreneur Daniel Petrie and venture capital fund Possible Ventures, the private Sydney-based Psylo has raised $1.1 million for early research. Earlier, the Melbourne…
Read more:Dr Boreham’s Crucible: 4 ASX stocks focused on a mind-altering $25 billion psilocybin